Milorad Peković was fostered in the academies of FK Obilić and OFK Belgrad.
In 1994 the midfielder made his first line-up start in OFK. In total, Milorad made 103 appearances scoring 12 goals during 6 years with OFK. From 1999 to 2001 the footballer competed for FK Partizan Belgrad and won the Yugoslav Cup with them in 2001.
The same year Peković returned to his former club OFK, but spent only 1 year there and switched to Eintracht Trier and later Mainz 05. In 2010 Milorad penned a contract with SpVgg Greuther Fürth debuting for the team on 22 January in the match versus FSV Frankfurt.
In 2013 the Montenegrin penned a new deal with Hansa Rostock.
Since 2007 Milorad Peković has made 27 appearances for the Montenegro national U-21 team.
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